Shares of Shriram Properties rose more than 6% on March 31 after 2.43 crore shares, or a 14.3% stake, changed hands before the market opened.

While buyers and sellers are currently unclear, ownership data as of end-December 2022 shows WSI/WSQI V (XXXII) Mauritius Investors Ltd owns 14.27% of the company.

CNBC-TV18 reported that private equity investors sold stakes in the Shriram Properties block deal, while strategic investors are buyers. The stock opened 10% higher on heavy trading volume at Rs 61.20 on the NSE at 9:15 am. It then cooled to near Rs 59, up 6.5%.

The stock has fallen 29% since its listing on December 2021.

In Q3FY23, the company’s operating revenue rose 60% year-on-year to Rs 175.8 crore, and net profit rose 69% to Rs 22.4 crore. Sales for the quarter were 1.04 msf at Rs 605 crore.

The company informed Moneycontrol that it plans to develop 53 million square feet (msf) of land in Bengaluru, Chennai and Kolkata over the next two to three years. The portfolio is expected to generate revenue of around Rs 20,000 crore.

Shriram Properties is present in various cities in India, including Bengaluru, Chennai, Kolkata and Hyderabad, among others. It has a diverse portfolio of residential, commercial and retail properties.

The company’s management remains positive about the growth prospects of the Indian real estate sector, driven by rising demand for affordable housing and the government’s emphasis on infrastructure development.

“We are not expecting to enter the premium segment yet. However, about 7% of our existing product portfolio is in the luxury line. The company plans to remain in the mid-market and affordable segment for some time,” Murali M, Chief Managing Director (CMD) of Shriram Properties, told Moneycontrol.